Capital Research Global Investors Makes New $122.99 Million Investment in Magnite, Inc. (NASDAQ:MGNI)

Capital Research Global Investors purchased a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 7,725,235 shares of the company's stock, valued at approximately $122,986,000. Capital Research Global Investors owned about 5.49% of Magnite at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MGNI. Merit Financial Group LLC acquired a new stake in shares of Magnite in the fourth quarter valued at approximately $586,000. Rice Hall James & Associates LLC bought a new position in Magnite during the fourth quarter worth $3,000,000. Jennison Associates LLC acquired a new position in shares of Magnite in the fourth quarter valued at $818,000. JPMorgan Chase & Co. raised its position in shares of Magnite by 5.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock valued at $24,062,000 after purchasing an additional 84,497 shares during the period. Finally, Penbrook Management LLC lifted its stake in shares of Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock worth $613,000 after buying an additional 14,550 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Buying and Selling

In related news, Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the transaction, the director now owns 182,837 shares of the company's stock, valued at $3,720,732.95. This represents a 2.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Brian Gephart sold 6,250 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the sale, the chief accounting officer now directly owns 132,909 shares in the company, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 244,905 shares of company stock worth $4,718,855 in the last ninety days. 4.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MGNI shares. Susquehanna increased their price target on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. Benchmark reiterated a "buy" rating and set a $25.00 target price on shares of Magnite in a research note on Monday, April 21st. Needham & Company LLC restated a "buy" rating and issued a $14.00 price target on shares of Magnite in a research note on Monday, April 21st. Royal Bank of Canada increased their price objective on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.17.

Magnite Price Performance

MGNI stock traded up $0.16 during mid-day trading on Friday, hitting $12.38. The stock had a trading volume of 1,558,636 shares, compared to its average volume of 2,140,426. The firm has a fifty day simple moving average of $12.68 and a 200 day simple moving average of $14.79. The firm has a market capitalization of $1.75 billion, a P/E ratio of 206.33, a P/E/G ratio of 1.00 and a beta of 2.69. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. As a group, research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Magnite Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.